 
 
Leading asset manager ProShares has introduced two new leveraged futures-based products in the U.S., giving investors heightened exposure to Solana and Ripple’s XRP. The debut comes after the NYSE Arca said it had certified the “approval for listing” of the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP).
New SOL And XRP ETFs Offer 2x The Rewards
According to two letters sent to the U.S. Securities and Exchange Commission on Monday, the ProShares Ultra Solana ETF (SLON) and the ProShares Ultra XRP ETF (UXRP) started trading on the New York Stock Exchange on Tuesday after the NYSE Arca cleared their listing.
Both products seek to deliver twice the daily performance of their respective underlying crypto assets, but do so via regulated futures contracts without directly investing in XRP and SOL.
“Investors seeking exposure to XRP directly should consider an investment other than this ETF. XRP is a relatively new asset class and the market for XRP is subject to rapid changes and uncertainty.” ProShares stated in a fact sheet describing UXRP.
“XRP is subject to unique and substantial risks, such as rapid price swings and lack of liquidity, including as a result of changes in the supply of and demand for XRP, statements by influencers and the media, and other factors,” the company added.
 
Although these ETFs don’t give investors direct exposure to the price action of SOL or XRP, their debut on U.S. exchanges signals growing institutional comfort with crypto-backed investment vehicles, specifically when tied to regulated derivatives markets.
XRP and Solana, the third and sixth largest cryptocurrencies by market capitalization, respectively, are up 3.1% and 2.9% over the past 24 hours, as per data from CoinGecko.
Futures-based exchange-traded funds have historically laid the foundation for spot-based versions. The existence of a regulated futures market can help regulators gauge liquidity, pricing mechanisms, and investor protection, all key aspects in assessing proposals for spot funds.
A slew of top asset managers have submitted paperwork with the SEC for spot altcoin-based ETFs following the roaring success of spot Bitcoin and Ethereum ETFs, which the regulator greenlighted in early 2024.
Source: https://zycrypto.com/xrp-solana-in-focus-as-proshares-debuts-leveraged-etfs-following-nyse-arcas-listing-approval/